Intech Investment Management LLC Buys Shares of 20,618 Renasant Co. (NASDAQ:RNST)

Intech Investment Management LLC purchased a new position in shares of Renasant Co. (NASDAQ:RNST) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 20,618 shares of the financial services provider’s stock, valued at approximately $670,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Duncan Williams Asset Management LLC boosted its holdings in shares of Renasant by 19.9% in the 3rd quarter. Duncan Williams Asset Management LLC now owns 11,115 shares of the financial services provider’s stock valued at $361,000 after buying an additional 1,847 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Renasant by 7.2% during the third quarter. Amalgamated Bank now owns 18,414 shares of the financial services provider’s stock valued at $598,000 after buying an additional 1,240 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Renasant by 1.7% in the 3rd quarter. Victory Capital Management Inc. now owns 3,955,366 shares of the financial services provider’s stock valued at $128,549,000 after acquiring an additional 65,777 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Renasant by 21.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,746,924 shares of the financial services provider’s stock valued at $56,775,000 after purchasing an additional 303,945 shares during the period. Finally, Magnolia Capital Advisors LLC acquired a new position in Renasant in the 2nd quarter worth approximately $675,000. Institutional investors own 77.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RNST. Hovde Group cut Renasant from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler raised Renasant from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $34.00 to $40.00 in a report on Monday, August 5th. Finally, Truist Financial reduced their price objective on shares of Renasant from $38.00 to $37.00 and set a “hold” rating for the company in a research report on Friday, September 20th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $39.33.

Insider Buying and Selling

In related news, Director John Creekmore sold 3,000 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the transaction, the director now directly owns 24,057 shares of the company’s stock, valued at $914,166. This trade represents a 11.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.82% of the company’s stock.

Renasant Trading Down 0.7 %

Shares of RNST opened at $37.62 on Friday. The stock has a market cap of $2.39 billion, a PE ratio of 12.25 and a beta of 1.01. Renasant Co. has a 52-week low of $26.28 and a 52-week high of $39.47. The firm’s fifty day moving average is $34.53 and its two-hundred day moving average is $32.87. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.16.

Renasant (NASDAQ:RNST) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The business had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. Renasant had a return on equity of 6.70% and a net margin of 16.83%. During the same period in the prior year, the business earned $0.75 earnings per share. Research analysts forecast that Renasant Co. will post 2.65 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, December 18th. Renasant’s dividend payout ratio is presently 28.66%.

About Renasant

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.